Revenue Management Automation; Does it Answer All Your Questions?
Over the past year, many discussions about revenue management have come up. This raised the debate around the relevance and importance of historical data. And, of course, the corona crisis tested revenue professionals’ trust in automated tools like Revenue Management Systems (RMS). The latter brought many hotels great results despite the pandemic. This article describes how revenue managers can make the most of automation in revenue management to drive business during recovery. How Automation in
Revenue Management After COVID-19 – “Innovating Through Uncertainty”
Never before has a single event affected the global economy to the extent that the ongoing COVID-19 pandemic has. Revenue managers, owners, and operators have been thrown into disarray within the hotel industry, and all are facing a less predictable future. In this article, you will learn more about revenue management strategies' role in the post-COVID economy and some of the key trends resulting from the pandemic. Revenue Management and Adapting to Changing Times Due to
Revenue Management; clearly explained!
Revenue management is concerned with optimizing financial results and is especially popular in industries like hospitality, which must contend with high fixed costs and a perishable inventory. For example, hotels have a certain number of rooms and fixed costs, which must be met regardless of how many rooms are sold. In such industries, revenue management predicts demand and optimizes inventory and price availability. When utilized correctly, this will ultimately result in higher revenue. Table of
Restaurant Revenue Management Strategies for Successful Managers
Getting your restaurant revenue management strategy right can be critical for your business's success. In this article, you'll learn everything you need to know about revenue management: what it is, what it can do for your business, and how to craft and implement the perfect strategy. You'll also discover key tactics and ways to apply them to your restaurant. Table of Contents: What Is the Restaurant Industry? What Is Revenue Management? Why Is Restaurant Revenue
Tips for Maximizing Revenue Potential Before Opening a New Hotel
Opening a new hotel or resort property is thrilling and daunting. Wherever you are on your new hotel journey, it's never too soon to assess your revenue optimisation needs. Your new hotel's revenue management approach will play an impactful role at every stage of development, from staffing decisions to tech budgets to sales, marketing, and distribution tactics. Pre-Opening Considerations Given the rapid change in modern market conditions, hotels and resorts should develop a comprehensive commercial
Embracing Revenue Management Technologies in 2024: A Guide for Progressive Hoteliers
As we navigate through 2024, the hospitality sector is undergoing a transformative phase, heavily influenced by the integration of cutting-edge technologies and innovative strategies. These changes are pivotal in not only enhancing guest experiences but also in driving revenue maximization. One noteworthy trend is the increasing adoption of revenue management technologies in the hotel industry, a movement gaining momentum in recent years. Why Are Hotels Embracing Revenue Management Technologies? The growing interest in revenue management
Don’t Open Your New Hotel Without a Revenue Management System
Hotel owners, developers, asset managers, and other stakeholders charged with successfully launching a new hotel property—in a marketplace that may already be quite competitive—know they’ll need more than attractive features and amenities that entice and cultivate a loyal customer base. As the industry adapts to a post-pandemic world, the team behind a new property also must assess key behind-the-front-desk requirements - paramount being its approach to revenue management. For those about to launch a new
How To Increase Hotel Revenue With Easy Pre-Authorizations
While hoteliers know credit card pre-authorization, many don't incorporate it into their reservation policies. Or, if they do, they leave it up to OTAs. Either way, ignoring the impact of well-managed pre-authorizations on your hotel's revenue is a mistake. Flexibility for Guests and Guarantees for Hoteliers Pre-authorizations are a temporary
Protecting Your Hotel’s Cash Flow & Improving Asset Valuation
Hotel revenue management plays a central role in protecting, forecasting, and strengthening a hotel's cash flow and overall financial position by enhancing the cash position of the asset. Additional revenue generated by a revenue management system directly flows into the amount of cash available. This higher rate of cash flow—combined
Potential Impact of ChatGPT and other LLMs on the Booking Process
Question for Our Revenue Management Expert Panel: How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management? (Question by Massimiliano Terzulli) Our Revenue Management Expert Panel Massimiliano Terzulli -
Benefits of Hyper-Personalisation in Revenue Management
Question for Our Revenue Management Expert Panel: What are the benefits of hyper-personalisation in revenue management? What do hotels need to do in order to achieve hyper-personalisation, and are their efforts worth it? (Question by Nikolas Hall)Â Â Our Revenue Management Expert Panel
Embracing Hybrid Hospitality: A Blueprint for Boosting Hotel Revenue
In the ever-evolving landscape of the hospitality industry, it can feel hard to stay ahead of the curve – or even in the middle of it. However, changing habits, attitudes, and trends send a clear message: the status quo is no longer sufficient to meet the complex needs of modern
What is the Role of Human Judgement in Revenue Management Decisions?
Question for Our Revenue Management Expert Panel: With so much technology available, how does human judgement factor into making revenue management decisions? Should the RMS ever be overruled by human judgement? (Question by Fabian Bartnick) Our Revenue Management Expert Panel Fabian Bartnick -